President Donald Trump announced Wednesday that Venezuela has agreed to purchase "ONLY American Made Products" using funds from a new oil arrangement with the United States.
"I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal," Trump wrote on Truth Social. "These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities.
"In other words, Venezuela is committing to doing business with the United States of America as their principal partner — A wise choice, and a very good thing for the people of Venezuela, and the United States."
Trump’s remarks came after the Department of Energy earlier Wednesday laid out what it called an "energy deal" with Venezuela, Barron’s reported, saying it will partially roll back sanctions to allow the sale of oil products from the South American country.
Venezuela's state petroleum firm also said Wednesday that talks for the sale of crude oil to the U.S. had begun, according to Barron’s.
Trump wrote Tuesday night on Truth Social that the "interim authorities" in Venezuela would turn over between 30 million and 50 million barrels of oil to the U.S. to be sold at market prices.
Based on current oil prices, that oil would be worth roughly $1.7 billion to $3 billion.
Trump directed Energy Secretary Chris Wright to oversee implementation immediately, with revenue to benefit Venezuelans and Americans.
Trump has publicly promoted the return of U.S. oil companies to help rebuild Venezuela’s fractured oil infrastructure.
White House press secretary Karoline Leavitt confirmed during Wednesday’s briefing, which aired live on Newsmax, that Trump will meet with oil company executives at the White House on Friday to discuss ways to revive Venezuela’s oil sector.
The CEOs of Exxon Mobil and ConocoPhillips, as well as a representative from Chevron — the only major U.S. oil company currently operating in Venezuela — are expected to attend the meeting, according to CNBC.
Venezuela holds the world’s largest oil reserves, but its production infrastructure has deteriorated, a challenge U.S. firms would need to address.
Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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